Guolian Minsheng Securities Company Limited officially released its 2026 interim report on the evening of August 28. This year marks a new chapter for the firm following the completion of its merger and full acquisition of Minsheng Securities, securing 100% control and entering a fresh phase of development.

As the first market-driven securities firm consolidation to close after the Central Financial Work Conference and the rollout of the new "National Nine Articles," the company has consistently served as a benchmark for integration within the sector. Staying true to its mission of deepening capital market fundamentals and supporting the real economy through financial services, it has pushed forward with professionalism and market-oriented reforms. Core metrics including revenue and net profit have grown steadily, with operations improving in both quality and efficiency. The interim report card reflects a balanced, resilient performance with strong momentum and ample growth potential.

Revenue and net profit both climbed during the reporting period. The company generated operating income of RMB 4.57 billion, up 13.93% year-on-year, while net profit attributable to shareholders reached RMB 1.415 billion, a 25.57% increase. This marks the second consecutive year of growth in both revenue and earnings, further validating the sustainability and stability of its profitability.

Asset scale continued to expand, underpinning the firm's rising overall strength. As of June 30, 2026, total assets stood at RMB 245.981 billion, up 21.04% from the end of the previous year. The "one headquarters plus multiple specialized subsidiaries" structure is now fully operational, with the parent company concentrating on proprietary businesses such as fixed income, equity investment, and derivatives. Meanwhile, Minsheng Securities, GLMS Asset Management, and GLMS Underwriting & Sponsorship focus on wealth management, asset management, and investment banking, respectively. On August 10, the company announced the transfer of wealth management assets to Minsheng Securities at no cost, while simultaneously moving fixed income and equity proprietary assets back to the parent. Minsheng Securities is thus transforming into a specialized, hundred-billion-scale wealth management subsidiary.

The wealth management division achieved a major leap in capability. Brokerage and wealth management revenue hit RMB 1.858 billion, up 55.49% year-on-year. Total client accounts reached 3.6925 million, a 4.03% increase from the end of last year. Client assets under management grew to RMB 964 billion, up 12.32%, while financial product holdings at period-end expanded 15% to RMB 37.961 billion. Fund advisory mandates reached RMB 17.448 billion in scale, up 20% from the end of the prior year, with the firm's non-money fund advisory business ranking among the industry's top tier.

Investment banking and industrial services continue to lead the pack. In the first half, core investment banking indicators remained firmly in the industry's first tier. The number of IPO sponsorships, pending IPO projects, and IPO underwriting volumes all ranked near the top, while NEEQ listings stayed within the top three. The firm completed IPOs for Linping Development, Hongban Technology, and Shangshui Intelligence, raising a combined RMB 3.062 billion, plus refinancing of RMB 529 million for Jiulian Technology and Maxscend Microelectronics. Fifteen sci-tech bonds were issued, including three nationwide firsts: the "26 Xichan K1," the country's first integrated computing-storage sci-tech bond; the "26 Xike K1," the first private placement sci-tech bond with 100% allocation to future industries; and the "26 Xichuang K1," the first "5+X" future industry sci-tech bond.

Asset management made steady progress, while trading operations broke new ground. Securities asset management mandates totaled RMB 190.479 billion, with the firm's overall strength and brand recognition steadily improving. GLMS Fund managed RMB 212.689 billion in total assets, up 8.01% year-on-year, of which non-money public fund scale reached RMB 138.552 billion, a 6.12% increase. The equity derivatives business built a multi-tiered product system and secured approval for listed securities market-making. The firm also developed its proprietary "GLMS Multi-Asset Enhancement Strategy" index, leveraging low-volatility allocation tools to safeguard steady wealth growth for investors.

Industry-focused investment banking is advancing with depth. The company has established an integrated "investment + investment banking + research" ecosystem, targeting twelve frontier sectors including biopharmaceuticals, integrated circuits, and commercial aerospace with dedicated vertical teams. This approach serves technological innovation and new quality productive forces. On the bond front, the firm is actively expanding into green instruments such as low-carbon transition bonds, while pushing investment banking capabilities down to county-level markets and integrating with the Yangtze River Delta region.

Industrial investment is delivering targeted results. GLMS Capital established six new industrial funds in the first half, bringing the total number of registered funds to 64 with combined committed capital of RMB 24.846 billion. Investments span artificial intelligence, semiconductors, and high-end manufacturing, with key projects including StepFun, Node Electronics, and Zhewa Technology. Portfolio companies Shenghe Microelectronics and Longchen Technology have successfully listed on the STAR Market and BSE, underscoring the firm's ability to channel capital into high-growth tech enterprises.

The company is also resonating with local economic development. It invested in AI large-model firm StepFun and established a large-model acceleration center, while setting up a RMB 1 billion Yixing Guolian Yisheng emerging industry venture fund to empower county-level industrial clusters. This precision deployment of financial resources nourishes the regional real economy.

Brand building has broken new ground through cultural crossover. The company has tied its branding closely to Wuxi's urban culture, forging a distinctive "finance + sports" and "finance + intangible cultural heritage" path. It sponsored the Wuxi leg of the "Su Super League" matches, with the "one city, one team" concept echoing its "deep regional roots and industry focus" positioning. The firm also took an active role in the Wuxi Marathon, featuring a dedicated exhibition zone that links marathon spirit with long-term investing philosophy to create a memorable "sports + finance" brand identity.

Looking ahead to the second half of the year, Guolian Minsheng Securities says it will fully leverage the synergies from its integration, continuously enhance its core competitiveness, and channel professional financial strength into serving the real economy and advancing the nation's financial ambitions, writing a new chapter in its integrated development journey.